Market Report

Dubai International Airport passenger traffic rises 5.3 percent

Passenger traffic through Dubai International Airport was up 5.3 per cent from a year earlier to 5.97 million people in February, according to a statement from Dubai Airports. Year-to-date passenger traffic at Dubai’s main airport rose 6.6 per cent to 12.86 million people. Aircraft movements grew 6.1 per cent in February.

Market News

Apple Watch launch delayed in Switzerland

Apple is not able to launch its new smartwatch in Switzerland until at least the end of this year because of an intellectual property rights issue, Swiss broadcaster RTS reported on its website. The US tech giant cannot use the image of an apple nor the word “apple” to launch its watch within Switzerland, the home of luxury watches, because of a patent from 1985, RTS reported, citing a document from the Swiss Federal Institute of Intellectual Property. The patent is set to finish on December 5. It currently belongs to William Longe, who owns watch brand Leonard that first filed the patent.

UAE economy to grow despite low oil prices

Despite the drop in global oil prices, the UAE economy is expected to continue to grow due to the emirates’ strategic plan to diversify its economy, Sultan Al Mansouri, UAE Minister of Economy said recently at the opening ceremony of Annual Investment Meeting (AIM) 2015 in Dubai. The average growth rate of developing countries is projected to rise moderately from 3.3 per cent in 2014 to 3.5 per cent in 2015 according to the International Monitory Fund (IMF).

Movado's posts 4Q profit increase by 40%

Movado Group revenue increased by 1.2% year on year to $133.9 million. For the fourth quarter which included Christmas sales ending on Jan 31. However, revenue declined 4.4% when compared with adjusted net sales during the prior year, due to the impact of a $7.8 million charge for the anticipated sales returns related Movado’s ESQ reallocation strategy, Despite the rise in cost of sales at 5.6% amounting to $66.5 million, The profit jumped 35.5% to $9.9 million, while net income attributable to Movado Group increased 39.7% to $10.1 million or 40 cents per share.

Company News

UAE seized net 18,000 fake watches

UAE Police conducted one of the largest seizures in the UAE netting Dh4 million worth of counterfeit wristwatches. Details of the police operation were revealed by Brigadier Shaikh Sultan Bin Abdullah Al Nuaimi, Commander-in-Chief of Ajman Police recently during a press conference. The Police in Ajman, along with enforcers of Intellectual Property Rights, conducted raids  on a number of shops and seized duplicate wristwatches that were being stored and sold under the brand name of Swiss watchmakers. Police seized 18,000 duplicate wristwatches worth Dh4 million.  Another Dh500,000 worth of faux watches were seized in separate raids on several shops in Ajman. Several Swiss officials of note attended the press conference recently, including the Swiss Ambassador to the UAE, Andrea Raishlin and Salim Al Shaali, legal counsel for owners of Swiss brands, also attended the ceremony.

Jaeger-LeCoultre is the official timekeeper of British Polo Day, Dubai

British Polo Day marked the second leg of its annual UAE Series with British Polo Day Dubai. Over 700 guests attended the event at the magnificent Dubai Polo & Equestrian Club, heralding the start of Dubai’s landmark 20th Anniversary World Cup weekend. Guests including members of the Jordanian royal family, HH Sheikha Maitha bint Mohammed, His Grace The Duke Argyll, Her Majesty's Consul General to Dubai Edward Hobart, Major General Carew Wilks, Jim and Fitri Hay, Dubai socialites Hugo Taylor and Lina Saman, top polo player Pablo MacDonough and Jaeger-LeCoultre Brand Director Marc de Panafieu paid tribute to the historical and cultural ties that bind Great Britain to Dubai.

Chopard welcomes Mark Webber as new ambassador

Chopard welcomes a prime new ambassador, Mark Webber, Australian Porsche Motorsport driver. The charismatic Australian pilot, member of the Porsche Motorsport team and former Formula 1 driver, is now flying the colours of the Geneva-based manufacture. Mark Weber joined the Porsche Motorsport team in 2014 to accompany the German car maker in its big return to competition in the World Endurance Championship (WEC).

A. Lange & Söhne as a sponsor of the Concorso d’Eleganza Villa d’Este

The fourth time that A. Lange & Söhne as a sponsor of the Concorso d’Eleganza Villa d’Este, where a one-off LANGE 1 TIME ZONE “Como Edition” will not only be the prize for the most elegant car but also a travel companion matching the current motto of the event. From 22 to 24 May 2015 the Concorso d’Eleganza Villa d’Este will be held for the 86th time in Cernobbio on the shore of Lake Como. Lange CEO Wilhelm Schmid will present this unique timepiece to the winner of the “Best of Show “category at the award ceremony on 24 May 2015.

Montblanc launches Meisterstück Selection Sfumato

Montblanc unveiled Meisterstück Selection Sfumato, masterfully painted leather goods with a contemporary and sophisticated appeal, at an event hosted at 3 Olaf Street in London’s West End quarter. Award-winning actor and Montblanc Brand Ambassador Hugh Jackman joined Montblanc CEO Jérôme Lambert for the global launch of the one-of-a-kind pieces inspired by “sfumato”, an ingenious painting technique developed during the Renaissance. Meisterstück Selection Sfumato pieces were displayed in three areas, each one themed around one of the three colours of the new collection: rich brown, flannel and navy blue.The Montblanc Meisterstück Sfumato Collection is available in Montblanc boutiques worldwide from June 2015.

Product Launch

Maison Morganne Bello – Fine jewellery in a retail agreement with @ 1915 by Seddiqi

Maison Morganne Bello arrives in the United Arab Emirates at the retail chains stores of 1915 by Seddiqi with a unique collection appealing to a varied clientele. Colorful semi-precious stones combined with pure gold and diamonds; with elegant and youthful designs, always in fashion for all seasons and outfits.

Founded in 2004, the Maison Morganne Bello has become a reference in contemporary jewellery associating freshness and a sense of liberty.

Today the brand is present in France, Switzerland, Holland, Spain, Poland, Bahrain, Jordan, Qatar, and now in the United Arab Emirates with the first corner in 1915 by Seddiqi at YAS mall, Abu Dhabi. 1915 by Seddiqi is a flagship concept destination for fashion watches, jewelry and accessories in the Middle East. Part of the Seddiqi portfolio, 1915 by Seddiqi was created specifically to offer diverse watches and jewelry options, excellent retail experience, high-quality customer service, and affordable prices. 1915 by Seddiqi showcases collections from 18 leading fashion brands, updated each season, and reflecting the dynamic and diverse tastes of its customers.

Coming soon Morganne Bello at 1915 by Seddiqi across the Emirates.

RJ-Romain Jerome introduces the Steampunk Tourbillon Gunmetal

RJ-Romain Jerome presents its new addition to the Steampunk collection: The Steampunk Toutbillon Gunmetal. The Black PVD case and lugs behold a 50mm Gunmetal steel bezel that has been brushed by hand giving it a unique finish. The dial – Beadblasted & circular graining black PVD-coated with steel bridges. Bezel is satin brushed Gunmetal, case back is sapphire crystal and strap is black hornback and black PVD-coated satin-brushed steel folding clasp.

Parmigiani Fleurier presents Tonda Hemispheres Globo

Tonda Hemispheres Globo illustrates the art of feminine travel, with a rare combination of technical mastery and finesse. On the Tonda Hémisphères Globo, each time zone is represented by a domed disc, with a transferred image of the Earth, half in the sun and half in the shade. It also features a striking representation of our planet, seen from above, with Europe at the centre. The opaline dial in Ivory, a silver tone with a slight yellow reflection, presents an exquisitely balanced view of the watch’s small seconds and the time zones. The Ivory shade captures the light and complements the brilliance of the bezel, which is set with diamonds. The Hermès strap in denim blue calf leather reflects underlining the Tonda Hémisphères Globo’s modernity, the signature of this collection.

Richard Mille reveals RM 61-01 Yohan Blake Monochrome

The case of the RM 61-01 Yohan Blake Monochrome is created using black TZP-N ceramic with a caseband in NTPT® carbon. The white flying bridges, crown rubber, strap & lower flange create the monochrome aesthetic. This timepiece also features novel crown protectors, offering full security to the crown during sports and other activities. The skeletonised RMUL2 movement with 55 hours power reserve is built in grade 5 titanium treated with PVD and Titalyt® using a free sprung balance beating at 4Hz.

Exhibitions & Events

The 38th Middle East Watch and Jewellery show opens in Sharjah

Held under the patronage of His Highness Dr. Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah, the 38th MidEast Watch & Jewellery Show was opened by H.H. Sheikh Abdullah Bin Salim Bin Sultan Al Qassimi, Deputy Ruler of Sharjah at Expo Centre Sharjah. The largest regional jewellery exhibition runs till April 4th 2015. The opening ceremony was attended by Mr. Abdullah bin Mohammed Al Owais, Chairman, Sharjah Chamber of Commerce & Industry; Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah; other officials, dignitaries and industry representatives.

Christie’s watch auction to take place in Geneva

This year Christie’s watch department is delighted to celebrate 40 years of stand-alone watch sales in Geneva. Mr. Perazzi will take the auction on 11 May in his role as Christie’s leading watch auctioneer. Sabine Kegel has been appointed International Senior Specialist of the department and works in partnership with Thomas and their team of junior specialists, catalogers and administrative support to curate exceptional Important Watches auctions in Geneva. The sale on 11 May will offer many rarities, with a large number of watches seen for the first time at auction and covers over 400 years of watch making.

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